In general, a Business Owners Policy may do the trick for a lot of businesses. A cursory will review makes it look pretty inclusive. It is important however to read it carefully, and make note of any exclusions written into the BOP. Nothing is worse than experiencing some sort of incident or loss and then discovering that your business insurance won’t cover the loss.
Often, commercial fleet insurance is not covered in a Business Owners Policy and needs a separate policy. Vehicles are an expensive asset and the damage or loss of one could have a serious impact on some businesses. Also not included more often than not is liability insurance covering the business owned vehicles. Check with your licensed insurance professional regarding the necessary coverage needed for your business vehicles.
Another exclusion often seen in Business Owners Policies is equipment breakdown or mechanical equipment breakdown insurance, which also may be known as boiler and machinery insurance. This type of coverage will cover repair of replacement of equipment and some revenue loss in the event of a loss as it impacts your business and its day to day operations.
Check for disaster coverage such as flood, wind, or other natural disasters. Take a look at debris removal. For instance, you may have flood insurance, but not debris removal, or only a small coverage limit. Imagine the cost of removing a total loss before having to rebuild.
It pays to read the fine print of any commercial insurance policy. Business Owner Policies are the right choice for many, many small businesses. It’s just very important to understand the exclusions and risk exposure. Work with your licensed insurance professional to determine what will work best for your business.